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Informist, Friday, Jan. 24, 2025

 

By Rajesh Gajra

 

NEW DELHI – The largest real estate construction company in the Delhi-NCR market, DLF Ltd. Friday said it had achieved a new record in new sales bookings. In the December quarter, the company's new sales bookings were INR 120.93 billion, according to its investor presentation released after the earnings announcement. The new sales bookings surpassed the earlier record of INR 90.5 billion achieved in the December quarter of 2023-24 (Apr-Mar), data from prior quarters showed.

 

The company said in a press release that its residential luxury project, The Dahlias, in Gurugram, "performed exceptionally well, garnering Rs 11,816 crore (INR 118.16 billion) of new bookings in the opening quarter." The company said this "overwhelming response to our new offering has resulted in the company surpassing its annual guidance" in the first nine months of the current financial year itself. The total new sales bookings in Apr-Dec was INR 191.87 billion. 

 

The share of The Dahlias project in new sales booking was 97.7%, but in terms of actual collections its share was much lower. Collections for The Dahlias project was INR 12.27 billion in the December quarter while the overall collections for the company were INR 31.16 billion, according to data in the investor presentation. The Dahlias project, therefore, made up for only 39% of total collections.

 

DLF reported an operating cash of INR 18.50 billion for the December quarter, nearly the same as the year ago quarter. The company had a net cash position of INR 45.34 billion at the end of the quarter, against INR 28.31 billion as of Sep 30. The company's borrowing during Oct-Dec was INR 4.47 billion as compared to zero borrowing in the previous quarter.

 

The operating profit of the company was weak. The earnings before interest, tax, depreciation, and amortisation declined 4% on year to INR 6.09 billion. The EBITDA margin contracted sharply to 35% in Oct-Dec from 39% a year ago.

 

The revenue growth of the company's rental business, primarily under its subsidiary DLF Cyber City Developers Ltd., was in single digit. DLF Cyber City's consolidated revenue rose by 9% on year to INR 16.09 billion. DLF said in its presentation that the subsidiary's office rental income increased 10% on year and retail revenue was up 9% in the December quarter.

 

The consolidated EBITDA of the subsidiary was also up 10% on year at INR 12.42 billion. DLF Cyber City had a high level of consolidated net debt of INR 167.13 billion at the end of December quarter.

 

DLF's consolidated revenue for the December quarter was near flat compared to the year ago quarter. It was up 0.5% at INR 15.29 billion. The top line number was much below analysts' average estimate of INR 17.86 billion. The near flat revenue growth in was a big climb-down from the 47% on-year rise recorded in the September quarter.

 

The consolidated net profit of DLF jumped up 61% on year to INR 10.59 billion in Oct-Dec, and was also above the Street's estimate of INR 8.06 billion.  This growth was, however, lower than that of the previous quarter when the net profit had risen 122% on year to INR 13.81 billion.

 

On Friday, shares of DLF ended 2.8% down at INR 695.25 on the National Stock Exchange.  End

 

Edited by Ashish Shirke

 

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